Sensex ends 269 pts up, Nifty tops 11,200; RIL m-cap crosses Rs 13.5 trn

All that happened in the markets today

12:18 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
TRIDENT	6.82	10.00
ITI	132.15	9.99
P I INDUSTRIES	1829.35	7.92
DILIP BUILDCON	303.60	7.66
NATCO PHARMA	719.55	6.92

12:08 PM

ITC gains 5% in two days on heavy volumes ahead of Q1 results on Friday

Shares of ITC were up 2 per cent at Rs 201 in the intra-day trade on the BSE on Thursday, gaining 5 per cent in the past two days ahead of its April-June quarter (Q1FY21) earnings on Friday. The counter has seen huge trading volumes with a combined 15.69 million equity shares changing hands on the NSE and BSE till 11:21 am. In comparison, the S&P BSE Sensex was up 0.35 per cent at 38,005 points. READ MORE

11:59 AM

MARKET CHECK:: Sensex extends gains, up 200 points

11:49 AM

NEWS ALERT :: Flipkart Wholesale to launch ops in August 2020

11:42 AM

Sensex Heatmap :: Stocks supporting the 200 pts-gain in the index

11:39 AM

Polycab India's June quarter reflects deep impact of Covid-19 lockdown

Adverse operating leverage also meant that Ebitda margins decline 571 bps to 5.8 per cent and profit before tax at Rs 390.85 crore declined by 80 per cent. The wires and cables segment that is majority 80 per cent contributor and where the company remains a leader recorded 51 per cent sales decline. READ MORE

11:31 AM

MARKET CHECK :: Sharp recovery in markets

11:23 AM

Three white soldiers can help you make money in the stock market

In stock market trading, "three white soldiers" is a candlestick pattern that indicates a reversal in the downtrend. It consists of three continuous green candles with a strong close. Every next candle closes above the previous green candle high, signifying a likely change in the sentiment. On the charts, such a scenario reveals bulls getting aggressive with every weakness being bought into. READ MORE

11:23 AM

Gold breaches Rs 50K, silver surges to Rs 60K; analysts see further upside

At the popular Zaveri Bazar in the city, the yellow metal opened over Rs 50,000 per 10 gram, while silver over Rs 60,000 a kg. While standard gold closed at Rs 49,980 per 10 gram, down 1.5 per cent, 999 purity gold ended its trade at Rs 50,181. Silver closed at Rs 59,170 a kg, up 7.9 per cent.

 

On the MCX, too, August futures of gold rose as high as Rs 50,085, but cooling down to Rs 49,747 (until 6.30 pm IST). September futures of silver surged to Rs 61,280 per kg (the highest since December 2012) in early trading on the MCX, but later slipped to Rs 59,845 (until 6.30 pm IST) on profit-booking. READ MORE

11:12 AM

BROKERAGE VIEW:: Prabhudas Lilladher on Bajaj Auto

Rating: HOLD | CMP: Rs 2,985 | TP: Rs 2,713

The recent price increase in the domestic market (average Rs1-3k/unit) only covers cost and not margins. We believe 2W recovery both in domestic and exports markets have been encouraging (to an extent 80-85% of normal), BJAUT’s 3W portfolio to remain under pressure (~20% recovery in domestic 3W led by cargo). We upgrade FY21/22 EPS by 2%/1.4% to factor in for cost efficiencies. We maintain ‘Hold’ on the stock with the revised price target of Rs 2,713 (earlier Rs 2,664) at 15x (10% discount to 10 year LPA roll forward to June’22 EPS).

11:10 AM

BROKERAGE VIEW:: YES Securities on Polycab India

RATING: BUY | TARGET PRICE: Rs 908

• Earnings revival would be led by exports and FMEG business. We have marginally raised our estimates factoring in higher contribution from exports
• We maintain our Buy rating on the stock with a revised target price of Rs908 (18x FY22E P/E)

11:08 AM

BROKERAGE VIEW:: YES Securities on Alembic Pharma

RATING: BUY | TARGET PRICE: Rs 1,180

• We tweak FY21/22 estimates based on strong ROW and API performance/guidance offset by lowering of domestic sales in FY21;
• We retain 25x PE and believe any further rerating is not warranted given that gap with Torrent would be largely closed at our target multiple; reckon stock should trade at some discount to Torrent given that US will account for 42% of sales and domestic business is not comparable to scale of Torrent

11:06 AM

BROKERAGE VIEW:: MOFSL on ICICI Securities

Over the past year, initiatives such as the ICICI Bank tie-up, ‘Prime’ and ‘Options 20’, etc. have started yielding results. Importantly, the brokerage segment is benefitting from tailwinds of increased trading activity from retail customers. While distribution income has been weak this quarter, we attribute it to lower MF AUM coupled with the impact of the lockdown on non-MF distribution. This segment is likely to pick up gradually over the next few quarters. The cost-cutting plan is on track – we expect C/I ratio to decline 440bp to 52% over FY20-23E. This should result in 19% PAT CAGR over FY20-23E. We increase our estimates by ~17/13% for FY21/22. Maintain Buy with a TP of Rs 625 (24x FY22E EPS).

11:04 AM

BROKERAGE VIEW:: Edelweiss Securities on Dhanuka Agrotech

Dhanuka Agritech (DAL) reported strong Q1FY21 numbers with revenue surging more than 70% YoY (volumes: 73%) driven by postponement of sales from Q4FY20 (~INR300mn) and advancement from Q2FY21. In addition: 1) Strong progression of monsoon is leading to uptick in demand for agrochemicals. 2) Migration of labour drive herbicide consumption also helped drive growth. Revenue growth was broad based across product segments. While gross margin was stable, EBITDA margin jumped ~834bps YoY to 17.5% driven by operating leverage benefits. Going forward, with prediction of a normal monsoon, we expect the growth momentum to sustain and margin to improve in coming quarters. Hence, we revise up FY21/22E EPS 18%/18%. We also raise our target multiple to 24x from 22x given strong sector dynamics. Maintain ‘BUY’ with revised TP of Rs 1079 (Rs 841 earlier) at 24x FY22E EPS.

11:03 AM

BROKERAGE VIEW:: Edelweiss Securities on SBI Life

We believe that incrementally competitive protection pricing has the potential to boost margins through product mix. This adds 100bps on a sustainable basis to our earlier estimated ‘steady-state RoEV’ of 18%. While persistency ratios have held up in ULIPs so far, it remains a key parameter to watch out for both operating leverage and embedded value accretion. Maintain ‘BUY/SP’ with a TP of Rs 1,010.